Main Management ETF Advisors LLC Makes New Investment in Applied Digital Co. (NASDAQ:APLD)

Main Management ETF Advisors LLC bought a new position in Applied Digital Co. (NASDAQ:APLD) during the 3rd quarter, HoldingsChannel reports. The firm bought 190,896 shares of the company’s stock, valued at approximately $1,575,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Headlands Technologies LLC raised its holdings in shares of Applied Digital by 381.8% during the second quarter. Headlands Technologies LLC now owns 8,749 shares of the company’s stock worth $52,000 after acquiring an additional 6,933 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Applied Digital during the third quarter worth $59,000. ARS Investment Partners LLC acquired a new stake in shares of Applied Digital during the second quarter worth $60,000. Beacon Harbor Wealth Advisors Inc. acquired a new stake in shares of Applied Digital during the third quarter worth $83,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Applied Digital during the third quarter worth $88,000. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Richard N. Nottenburg sold 50,000 shares of Applied Digital stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $9.20, for a total transaction of $460,000.00. Following the completion of the sale, the director now owns 334,317 shares of the company’s stock, valued at approximately $3,075,716.40. The trade was a 13.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Wes Cummins sold 200,000 shares of Applied Digital stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $9.20, for a total transaction of $1,840,000.00. Following the sale, the chief executive officer now directly owns 3,875,955 shares of the company’s stock, valued at $35,658,786. The trade was a 4.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 359,369 shares of company stock valued at $3,115,161 in the last quarter. Company insiders own 11.81% of the company’s stock.

Applied Digital Trading Up 6.3 %

Shares of APLD opened at $10.67 on Friday. The firm has a 50-day moving average of $8.20 and a 200-day moving average of $6.20. Applied Digital Co. has a one year low of $2.36 and a one year high of $11.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.22 and a quick ratio of 0.22.

Applied Digital (NASDAQ:APLD) last announced its quarterly earnings data on Wednesday, October 9th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.13. Applied Digital had a negative net margin of 74.95% and a negative return on equity of 88.87%. The company had revenue of $60.70 million during the quarter, compared to the consensus estimate of $54.85 million. During the same quarter last year, the firm posted ($0.10) EPS. The company’s quarterly revenue was up 67.2% on a year-over-year basis. Sell-side analysts anticipate that Applied Digital Co. will post -0.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on APLD. Craig Hallum raised their price objective on shares of Applied Digital from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Applied Digital in a research report on Thursday, October 10th. B. Riley raised their target price on shares of Applied Digital from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, September 13th. HC Wainwright raised their target price on shares of Applied Digital from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, Lake Street Capital raised their target price on shares of Applied Digital from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $10.50.

Applied Digital Profile

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.